Hyper-Zcashization will unfold faster than 98% of the market can fathom.
Learnt outcomes from hyper-bitcoinization drastically shortens the timeframe for the next leader in cryptographic store of value to achieve market dominance.
In tech, the second-mover advantage beats the pioneer more often than not. By learning from the first-mover’s mistakes, the second-mover can launch improved, scalable versions that capture a much larger market with shortcomings from the first-mover removed or fixed.
Prominent examples when a subsequent launch dethroned the original creator:
Napster -> iTunes;
MySpace -> facebook;
MapQuest -> Google Maps;
Netscape Navigator -> Microsoft Explorer;
Pandora -> Spotify;
Rio PMP300 -> iPod;
Silanis -> DocuSign;
Kickstarter -> GoFundMe;
Be ready.
Bitcoin -> Zcash
History doesn’t repeat, but it rhymes.
My people get it.
@mert@GoodTexture@bitlarrain@yoshi_v1@deepcandles@BarrySilbert@cypherpunk@zooko
we don’t realize who Zooko is!
he created Zcash and spoke with Satoshi!
Zooko wrote the very first blog post about Bitcoin in January 2009 (a few weeks after the white paper was released) - Satoshi then linked to it directly on the https://t.co/1LYnCoD5gB homepage: that was a form of public endorsement.
that’s why Zooko is often considered one of the first “legendary” Bitcoiners.
Richard Feynman ganó el Nobel de Física y dijo algo que dejó huella:
"La mayoría de personas saben muchas cosas. Pero no saben pensar."
Feynman dio una clase magistral de 1 hora sobre física e imaginación.
Sus 12 lecciones de vida:
1. La imaginación le gana al conocimiento
Imagine being so deep in a cult that you call a proof of work, no premine, privacy coin a shitcoin and then have absolutely no clue that Hal wanted it to exist back in 1993 when he wrote:
“Cryptography can make possible a world in which people have control over information about themselves, not because government has granted them that control, but because only they possess the cryptographic keys to reveal that information..
..The goal of electronic cash is to allow these same kinds of private transactions to take place electronically"
From Protecting Privacy with Electronic Cash
Zoko remembers because he's a real cypherpunk that grew up with Hal, Adam and the rest. The Bitcoin Maxi cargo cult doesn't. They bought an orange coin because Mike told them it will make them rich.
Here are the full five minutes from @zooko's talk at @ns, including the private conversation with his friend Hal Finney shortly before Hal passed away.
Our earlier clip missed context. That's on us.
With many crypto fans souring on bitcoin, some are getting behind Zcash, a privacy token that lets users shield transaction details and remain anonymous https://t.co/5VxWOrqyBW
A Small Manifesto Against the Current @Zcash Bandwagon
Zcash is a remarkable piece of cryptography, but cryptography isn't the bottleneck for crypto in 2026. Distribution, liquidity, and developer adoption are. And those are the exact dimensions on which Zcash is structurally disadvantaged.
1. Network effects work against single-purpose privacy chains
Privacy is a network-effect product: the larger the anonymity set, the stronger the privacy guarantee. Zcash currently has ~30% of supply in shielded pools, and most activity moves in and out of the shielded layer rather than staying within it. A shielded pool with ~5M ZEC and a few thousand daily active users provides meaningfully less privacy than the same cryptographic primitives running on an L1 with 10M+ daily addresses.
The math is brutal. If 100 people hide in a room, finding any individual is hard. If 100 million people hide in a room, it's impossible. Privacy coins concentrate users. Privacy features on general-purpose chains recruit them.
2. Liquidity and acceptance are non-negotiable
A privacy coin that gets delisted from major exchanges, as Zcash repeatedly has across Japan, Korea, the UK, and parts of the EU, becomes harder to acquire, harder to exit, and harder to use at scale. Privacy tools built on Ethereum, Solana, or Base inherit the liquidity of the underlying chain. You don't have to choose between privacy and the ability to transact with the rest of the financial system.
Zcash forces that choice. Nobody wants to make it.
3. People don't want private money. They want private applications
Most people don't need to hide a $50 ZEC transfer. They need confidential business payments, private payroll, undisclosed treasury operations, sealed-bid auctions, private voting and confidential DeFi positions that don't leak through transaction graphs.
None of these run on a privacy coin. They run on smart contract platforms with privacy primitives like @aztecnetwork on Ethereum, @AleoHQ as its own L1, @solana 's confidential transfers, @penumbrazone in the Cosmos ecosystem, FHE-based chains like @fhenix and ZK-rollups in general
The future of privacy is programmable, not denominational.
4. The technology has been completely commoditized
zk-SNARKs were Zcash's moat in 2016. By 2026, they're the foundation of every major L2, dozens of privacy systems, and most rollup architectures. The Zcash team did the foundational research, and then watched the IP escape. The chains that benefited most aren't paying rent to Zcash, and they never will.
It's one of the cleanest examples in crypto of pioneering a technology and capturing none of the value.
5. Regulatory exposure cuts the wrong way
Privacy coins occupy a uniquely vulnerable regulatory category. Privacy tools on general-purpose chains can be designed with selective disclosure, view keys for auditors, compliance hooks and they live inside chains regulators have already accepted as legitimate financial infrastructure.
Zcash has built the same compliance tooling (view keys, selective disclosure protocols) but still carries the "privacy coin" label that triggers automatic delisting regardless of actual functionality. The technology isn't the problem. The category is.
6. The unit-of-account problem
For privacy to matter for real economic activity, it has to be denominated in money people actually use, this is the biggest lesson in crypto over the past 5 years. Nobody pays salaries, settles invoices, or runs treasuries in ZEC. They use USD, EUR, USDC, USDT.
Privacy that requires switching unit-of-account is privacy that won't be used at scale. The winning model is private stablecoins and private transfers of mainstream assets, which requires programmability Zcash structurally doesn't have and isn't on a path to building.
7. The "private Bitcoin" comparison is just stupid
At the end of the day, Zcash only really competes with Bitcoin, except it doesn't, because the "private Bitcoin" framing falls apart on contact with reality.
You don't get to slap "private" on as a feature and call yourself Bitcoin's successor when you don't have the liquidity, the decentralized robustness, the regulatory acceptance, the size, or the history. Bitcoin's hashrate is distributed across hundreds of pools and tens of thousands of independent miners globally. Zcash's hashrate is functionally controlled by a handful of pools running ASICs from a few Chinese manufacturers. Zcash inherited Bitcoin's consensus model with a fraction of Bitcoin's decentralization.
And decentralization isn't a sliding scale where "more" earns you partial credit. It's binary. You're either close enough to Bitcoin to inherit the monetary properties that come with extreme decentralization, as Ethereum genuinely is, or you're not, and the "moneyness" argument doesn't apply to you at all.
Ethereum and even Solana have an order of magnitude better chances of reaching Bitcoin's market cap than Zcash does. That's not a controversial claim. It's just looking at the data.
Zcash wouldn't exist without @zooko. He seeded the technical and cultural values of the project that have kept us vigilant in defense of its integrity.
Much of Zcash's recent success has been because Zooko plays a less central role in the project, and it has decentralized and grown to transcend him. I think he would agree! But he is still a major spiritual force of the project, and an ally that wants it to succeed.
Let's be mindful of the signal we send our next generation of risk takers, by how we treat his legacy. Zcash has a long road ahead of it, and no single one of us can carry it across the finish line.
We're all liable to end up in @zooko's shoes one day. You do not want to be on the receiving end of the poetic justice served for the things you said when you were once on the winning team.
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